PERSOL GROUP (the Group) provides a wide range of human resources (HR) related services; temporary staffing and placement service as the core businesses in Japan and Asia-Pacific (APAC) region.
The business environment in Japan in the fiscal year under review saw further waves of COVID-19, but moves to normalize economic activities continued as restrictions on activities for preventing infection were gradually eased over the period until the end of the fiscal year. The ratio of job offers to job seekers (seasonally adjusted) in Japan was 1.32 in March 2023, showing that demand for human resources continued to recover steadily. In the APAC region, the economic trend was generally one of recovery, with the exception of certain regions where the impact of COVID-19 persisted.
In this business environment, sales increased in all SBUs. As a result, consolidated net sales were 1,223,967 million yen (increasing 15.4% year-on-year). On the profit front, operating profit of the overall Group was 53,061 million yen (increasing 10.2% YoY) and ordinary profit was 53,693 million yen (increasing 8.5% YoY), mainly reflecting an increase in sales in Career SBU, driven by brisk corporate demand for hiring. However, net profit attributable to owners of parent stood at 20,578 million yen (decreasing 35.5 % YoY) due in part to the impairment of domestic and overseas subsidiaries.

Effective at the beginning of the fiscal year ending March 31, 2024, the Company changed its accounting policy from the Japanese GAAP to IFRS. Because the Company will disclose consolidated financial results for the first three months ending June 30, 2023 and thereafter under IFRS, the Company also discloses consolidated financial forecasts under IFRS.
With the subsiding of COVID-19, demand for human resources, which had been remarkably overheated, is about to ease again. The placement business is seeing a tendency to select human resources carefully, mainly among major companies, and changes in the behaviors of people desiring a career change, reflecting the uncertainty of the overall economy. Temporary staffing business is also seeing a temporary halt in the market. To reflect these circumstances, the Company will revise its financial forecasts, which it announced on May 15, 2023, as described above.

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